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Ringgit flat as US recession fears grow | Scoop
At 8am, the ringgit eased slightly to 4.4310/4440 against the greenback from yesterday’s close of 4.4310/4375. – Scoop file pic, March 14, 2025
News

Ringgit flat as US recession fears grow

Local note eases slightly at opening today to 4.4310/4440 against greenback, compared to yesterday’s close of 4.4310/4375

Bernama
Updated
9:50 AM MYT

 

KUALA LUMPUR – The ringgit opened nearly flat against the US dollar as cautious sentiment over the economic outlook prompted some investors to turn to safe-haven assets.   

At 8am, the ringgit eased slightly to 4.4310/4440 against the greenback from yesterday’s close of 4.4310/4375. 

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said risk-off sentiment remained dominant, with US equities extending their decline.   

He said benchmark indices fell more than 1%, while US Treasury bond prices rose, indicating that traders and investors were seeking refuge in safe-haven assets amid uncertainties stemming from the trade war.   

“By extension, the US Dollar Index (DXY) gained 0.22% to 103.841, driven by acute uncertainty over global growth prospects this year,” he told Bernama.   

Mohd Afzanizam said the US Producer Price Index came in lower than expected at 3.2%, compared with consensus estimates of 3.3%.   

He said this clears the way for the US Federal Reserve (Fed) to signal a dovish stance next week when Federal Open Market Committee members meet on March 19. 

“As such, the ringgit could remain weak in the near term as market participants flock to the safe-haven currency, namely the US dollar.   

“The expectation of monetary easing by the Fed and rising odds of a US recession could sustain cautious sentiment, which may be dollar-positive in the near term,” he added.   

The ringgit traded mostly higher against a basket of major currencies.   

It rose against the euro to 4.8094/8235 from 4.8205/8276 at Thursday’s close and appreciated against the British pound to 5.7399/7568 from 5.7426/7510. However, it slipped against the Japanese yen to 2.9949/3.0041 from 2.9909/9953.   

The local note was mixed against Asean currencies.   

It strengthened against the Singapore dollar to 3.3169/3271 from 3.3198/3250 at the previous close but weakened against the Thai baht to 13.1495/1944 from 13.1199/1443.   

The ringgit also edged lower against the Indonesian rupiah to 269.7/270.6 from 269.7/270.2 and was little changed against the Philippine peso at 7.72/7.75 from 7.72/7.74. – March 14, 2025

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